» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 42 | NO. 34 | Friday, August 24, 2018

Cyprus' top bank says 2.7 bln bad loan sale 'biggest ever'

Print | Front Page | Email this story

NICOSIA, Cyprus (AP) — Cyprus' biggest lender, the Bank of Cyprus, says it had sold 2.7 billion euros ($3.1 billion) worth of bad loans to New York-based Apollo Global Management, the largest such deal in the east Mediterranean island-nation's history.

Speaking to The Associated Press, CEO John Patrick Hourican called the sale "the biggest transaction in Cyprus" since Britain purchased the island from the Ottomans in 1878, "except this time Cypriots are the real winners."

The sale — equivalent to 15 percent of Cyprus' gross domestic product — chops the bank's bad loan stock to 5.2 billion euros, down from 15 billion euros four years ago.

Bank of Cyprus and other Cypriot lenders have been plagued by bad loans since a 2013 financial crisis that forced Cyprus to seek a multibillion-euro rescue deal.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0